Stakeholders and Communications in Strategic Planning

Stakeholders and Communications in Strategic Planning

The strategic planning process enables organizations, regardless of their field of operations, to set their long-term goals and objectives, as well as define how such goals will be achieved. There are various types of stakeholders within a business, regardless of its size, who should be considered throughout the strategic-planning process. The main types of stakeholders include the management team, the employees, the business’ customers, the suppliers, the business shareholders, and the community.

Including these stakeholders in the strategic planning process is beneficial to the business in a number of ways. For instance, including the stakeholders in the planning and decision-making processes can increase buy-in for new plans and policy agendas (Walker III et al., 2020). The inclusion also improves stakeholder relationships and collaboration among various stakeholders, which further improves their engagement in the organization’s operations (Kujala et al., 2022). Lastly, including stakeholders in strategic planning can also improve decision-making in the business due to various multiple stakeholder perspectives.

These stakeholders play various critical roles within the business and, therefore, have or should have varied decision-making levels in the process. For example, the management team, especially senior managers, are direct leaders of the business and lead the strategic process. They, therefore, have the highest levels of decision-making. Other stakeholders, such as the shareholders, also have a higher level of decision-making as they have invested in the business. The employees are directly affected by the process; therefore, having their input in the decision-making process is essential. Customers and the community, although not directly involved in decision-making, provide valuable input that should be considered when making decisions.

Moreover, communication plays a vital role in strategic planning. Essentially, a good communication plan helps coordinate decision-making in strategic planning. It helps ensure that all stakeholders are fully involved in the planning process. Also, it promotes collaboration and engagement.

References

Kujala, J., Sachs, S., Leinonen, H., Heikkinen, A., & Laude, D. (2022). Stakeholder Engagement: Past, Present, and Future. Business and Society, 61(5), 1136–1196. https://doi.org/10.1177/00076503211066595/ASSET/IMAGES/LARGE/10.1177_00076503211066595-FIG2.JPEG

Walker III, T., Pellett, C. A., & Allen, J. (2020). Stakeholder Engagement: Methods of Inclusion in South Carolina State Water Plan Decision-Making. Journal of South Carolina Water Resources, 6(1), 7. https://doi.org/https://doi.org/10.34068/

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Consider the purpose of a strategic plan and why it is important for businesses to engage in the process, regardless of their size.

Respond to the following in a minimum of 175 words:

Stakeholders and Communications in Strategic Planning

Which stakeholders should be included in the strategic planning process?
Why is it important to include the stakeholders you identified in the process?
What level of decision-making do the stakeholders, or should the stakeholders, have in the process?
What role does a communication plan have in the strategic planning process?